Friday Free-for-all!

It’s the end of another work week and the start of another month! Hope you paid your rent and your mortgage bills and still have money in the bank.

The month of May wrapped up with higher than normal listings and lower than normal sales. We’ll have to wait to see what the official word is, but it sounds like we may see a bit of softening in some detached prices and little bump up in condo prices.

Let’s do our regular end of the week news round-up and open topic discussion thread for the weekend! Here are a few recent links to kick off the chat:

MOI 6.66, the MOI of the beast
Inventory graph back into record high
Teranet sales pair dries up
Will bloggers ruin the perfect market?
Okanagon sees huge foreclosure spike
How much is your commute?
Building jobs boom
Van Commercial RE booms
RBC: Ownership costs climbing
Rising prices means confidence for Toronto

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Anon
Guest
Anon

Whistler is a stupid party town and yes I don’t waste my time paying for the privilege of repeatedly sliding off a hill. If i wanted to waste my time I’d rather get wasted. And I don’t need to go to Whistler to do that.

rp1
Guest
rp1

“A spokesman for the Okanagan Mainline Real Estate Board argued that the current five-per-cent rate of foreclosure sales isn’t that high”

…compared to what is coming?

CanuckDownUnder
Member
CanuckDownUnder

The Australian property market took a big hit in May despite the 50 basis point interest rate cut at the start of the month. Prices were down 1.4% in the latest RP data index (the biggest fall they’ve ever recorded) and are now 5.5% lower than a year ago.

Not even Sydney is immune anymore, down 1.2% in May and 3.6% in the past year.

Anonymous
Guest
Anonymous

5y down, corporate lending taking a pause, looks like mortgage war drums are beating again even with spreads kicked out.

Time to rebalance my portfolio, damn bond funds are up again.

Stupid Landlords
Guest
Stupid Landlords

@ Anon

Just because you’re too fat useless to ski, doesn’t mean it’s not worth the money for those of us that enjoy the sport.

On a nice sunny day with a couple feet of fresh, when you’re up near the peak sitting in the snow with a couple buddies, sipping on some single malt from the flask and burning a little of BC’s finest, that’s as close as this province has ever gotten to TBOE.

Simple
Guest
Simple

Larry numbers look good! I don’t know about you, but I feel like I have received a 12% raise in the last year.

Loser with the girls
Guest
Loser with the girls

anybody following the carnage on the markets right now?

jesse
Member

Arrow is one of the few good posters on RET. Here he is uncovering this craigslist gem:
http://realestatetalks.com/viewtopic.php?f=8&t=113714&sid=3329b0a9ac82a8a3d49e46ed7f22e6be#p294820

Told-you-so-in-2007
Guest
Told-you-so-in-2007

For those that are interested, here are the May numbers from Larry’s site and a link to them:

http://tinyurl.com/8xc75xe

“Vancouver’s detached average home prices continued a slow retreat from February’s high of $1,235,244 receding to a current average price of $1,073,331 down 12% YOY.

Two years of gains are on the block as this market approaches the low not seen since November 2010 when the average was $1,043,161.

Telling is that with Active listings are at an all time high of 7,577 units up 23% YOY, and with sales down 24% YOY might imply that a great number of Vancouver home sellers may be running hard in their hope of staying ahead of the train.”

jumpin in
Guest
jumpin in

Will the dark clouds of the economy make home buyers more cautious?

World stock markets fell Friday as weakness in Chinese manufacturing suggested the slowdown in the world’s No. 2 economy may worsen, unsettling investors ahead of crucial U.S. employment figures.
http://www.cbsnews.com/8301-505123_162-57445257/world-stocks-fall-as-china-manufacturing-weakens/

China led a slowdown in manufacturing across Asia

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/06/01/bloomberg_articlesM4V9GT0YHQ0X01-M4XJK.DTL#ixzz1wYUIKRAE

Jason
Guest

Anecdotally from Vancouver Island…Comox – an Erickson designed home known as Filberg House listed for $6M back in April. A revisit on MLS tells me the asking price has been halved, in less than 2 months.
Also, there is a brewery for sale in Comox. Original ask about a year or so ago was $2M; now the building/land are listed for 875K, and the brewhouse equipment and company are for sale separately.

Best place on meth
Member
Best place on meth

CND 5 year plummets to 1.08 – there’s a lot of fear and panic out there right now.

http://www.bloomberg.com/quote/GCAN5YR:IND/chart/

Troll
Guest
Troll

@Best place on meth: Those bond yields are unbelievable, record lows everywhere. 1.47% for a 10 year US Treasury. Let that sink in for a minute.

vreaa
Member
Our thoughts on the Larry MacDonald Canadian Business article: Preparing To Blame The Inevitable Canadian RE Crash On The Bears! – “I wish the perma-bears would just go back to their lairs for a really long nap.” http://wp.me/pcq1o-4fT Once a speculative mania gets underway, the fact that it will crash is as inevitable as gravity and sunrise. The villains of a mania, if there are any, are the many parties that contributed to its expansion, not those who point out the nature of that which has developed. After years of denial, after ignoring mountains of evidence & years of measured arguments from bears, RE bulls are now suggesting that we all follow the path of even more denial. This is a psychologically primitive response and one that should invoke both laughter and sadness in those who hear it. The woeful… Read more »
jesse
Member

@Troll: “Let that sink in for a minute”

My long bonds likey. How are you weighted? Whaddya think, should I get out now? :mrgreen:

Lumbach
Guest
Lumbach

@Stupid Landlords:

“On a nice sunny day”

Skiing the local mountains means that most of your days will not be sunny. Rain is probably more common. Only about 25% of my whistler ski days have been sunny. Mostly its cloudy.

Just like the “ski, gold and windsurf on the same day” idea is probably only realistically doable on one or two days of the year. And given the May we have had, it was not doable this year.

Best place on meth
Member
Best place on meth

@Troll:

Wouldn’t surprise me at all to see the US 10 year end up below 1%.

Nothing was solved after the last financial crisis and western countries are right back to square one only deeper in debt this time.

Add in China to this new crisis and it’s interesting times ahead.

market stats
Guest
market stats

@Lumbach

especially on a crappy day like today

ultimately though it is a unique place where there actually is snow and occasionally sun, and if you need more of the latter in a summer like this then drive to the okanagan where I hear it is cheaper to buy re this year – but agree not an argument for stupidly inflated prices not supported by the underlying economy and incomes

Firkin
Guest
Firkin

@vreaa:

I’m guessing Larry must blame doctors for disease and mechanics for car breakdowns.

If only we could prevent people from pointing out problems we could all live in a fantasy world where nothing ever goes wrong.

Anonymous
Guest
Anonymous

@Lumbach: “Only about 25% of my whistler ski days have been sunny. Mostly its cloudy”
Next time check the forecast before going

900kCrackHouse
Guest
900kCrackHouse

@CanuckDownUnder: I thought people were claiming that the Australia Market had stopped falling and they had achieved a soft landing? Perhaps they spoke too soon…

GVREB
Member
GVREB
High Inventory Levels and Low Sales Volumes as Greater Vancouver Enters Summer Market FOR IMMEDIATE RELEASE ON VCI VANCOUVER, B.C. –June 1, 2012 – Sales in Greater Vancouver showed a typical seasonal trend in May but continue to be at low sales volume levels not seen for more than a decade. May showed a pronounced decrease in sales per market day falling from 147 last month to 130 in May. This decrease of 12 per cent compares to the typical average decrease from April to May of 9 per cent. Continued below average sales combined with continued above average listings have resulted in both record high seasonal inventories and near record low sales to listings ratios. Global economic uncertainty, tightening mortgage regulations, cautious buyer sentiment and reduced net immigration rates have reduced overall buyer demand. May’s total unit sale activity… Read more »
Lumbach
Guest
Lumbach

@Anonymous:

“Next time check the forecast before going”

LOL. Ever hear of booking in advance during scheduled holidays?

Anonymous
Guest
Anonymous

@Lumbach:

“LOL. Ever hear of booking in advance during scheduled holidays?”

LOL. Ever hear of just driving up there for the day?

SourLemon
Guest
SourLemon

@anonymous

Driving up there for a day is only doable when you’re single and broke. No body that values their time will blow 3 hours driving each direction for a mountain with no evening hills. Don’t forget to add the hour of two of preparation.

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